Silver Coin Drilling Encounters Mineralization - 48 Holes Completed



    Trading Symbols: TSX.V:PNL
    and O7M - Frankfurt Stock Exchange

    VANCOUVER, July 23 /CNW/ - Pinnacle Mines and Mountain Boy Minerals are
pleased to announce that a 10,000 meter drill program is underway at the
Silver Coin property near Stewart, BC and to date 48 of 59 planned holes have
been completed. Two diamond drills have been operating at the project since
the latter part of June. The 2008 drill program is designed to add precious
metal resources and to improve the resource categories already established in
43-101 compliant resource calculation and technical report on Silver Coin
prepared in April 2007 by MineFill Services, Inc. Once the 2008 drill program
has been completed, a new resource calculation will be carried out by Snowden
Consultants of Vancouver, BC.
    Forty-eight holes have been completed at Silver Coin so far this year at
an average depth of 150 meters per hole. Company geologists report that core
cutting is keeping up with the drilling and core splits are being sent for
assaying to Assayers Canada of Vancouver, BC. Pinnacle expects to start
receiving results for the first holes beginning in early August. The
geologists also report that drilling has been encountering mineralization in
most holes. Mr. Alex Walus is the Company's qualified person under NI 43-101.
    Metallurgical testing of Silver Coin mineralized material is also
underway. This testing program will study flotation and/or cyanidation
techniques for the separation of metals from rock. Mr. Frank Wright is the
Company's qualified person for metallurgical study purposes.
    Management is currently encouraged by the expedient progress, efficiency
and results of this year's drill program which is operating below the
forecasted budget and because of this the Company is contemplating the
possibility of extending the program.

    Corporate Update
    ----------------
    At the Company's Annual General Meeting held on June 25, 2008,
shareholders approved the re-election of Paul Saxton, Gerald Sneddon, Susan Li
and Andrew Bowering as the Company's directors for the ensuing year. Davidson
& Company, Chartered Accountants were newly appointed as the Company's
Auditors. Disinterested shareholders also approved of the Company's 10%
rolling Stock Option Plan. Subsequent to the AGM, directors re-appointed Paul
Saxton as President & CEO of Company, Jeff Wilson as VP of Exploration and
Mary Morvai as Corporate Secretary for the ensuing year.

    Pinnacle Mines is a Canadian based mineral exploration and development
company with assets in Canada and Mexico. In Canada, Pinnacle holds properties
in northwestern British Columbia in proximity to numerous past and producing
mines including the Silbak-Premier Mine and Barrick Gold's famed Eskay Creek
Mine. In Mexico, Pinnacle has options to acquire and is currently exploring
two copper-gold-silver targets located within the state of Oaxaca.

    On behalf of the Board of Directors

    "Paul Saxton"

    President & CEO

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or the accuracy of the content of this
    news release.

    %SEDAR: 00005272E




For further information:

For further information: Paul Saxton, President or John Van Duzen at
(604) 688-7377 or visit Pinnacle's website at www.pinnaclemines.com

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PINNACLE MINES LTD.

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